IS PHOENIX MILLS ON THE VERGE OF BREAKOUT!?

When we combine Elliott wave Theory along with price action, does it help us in forming powerful setups?

Elliott wave is GPS of the market that shows probable path that prices can follow. It also provides strong forecasting ability right from short to long term forecasting.

See the detailed research below on Phoenix Mills Ltd:

Phoenix Mills Ltd Weekly chart with Elliott wave

Phoenix Mills Ltd has been moving as per classic Elliott wave theory. The entire impulse rise started in April 2021 and Wave (1) of Primary degree got completed on the upside in July 2024. Post which, the entire correction has been unfolding in the form Primary wave (2).  For now, prices need to retrace its prior leg in faster time and needs to see a decisive break above 1720 levels for the completion of wave (2) on the downside.  After which, the fresh leg on the upside will be in the form of Primary wave (3) which is considered the strongest terminus as per the guidelines.

In a nutshell, Phoenix Mills is on a verge of a breakout. For now, a break above 1720 levels can lead to a trending move towards 1900 levels or higher. On the downside, 1630 is the crucial support for the stock.

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